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Hubco profit drops 9pc

KARACHI: Hub Power Company reported on Thursday consolidated income of Rs11.3 billion for 2016-17, down 9.2 per cent from last year.

Although the result was in line with market expectations, its share price dropped 2.2pc to Rs113.33.

Revenue grew 10pc in the last fiscal year mainly because of higher generation factor of the base plant while gross margins contracted 3.2 percentage points to 17pc, Topline Securities said in a report.

Earnings in the last quarter were Rs3.3bn, down 14.1pc from a year ago.

The company also announced a final cash dividend of Rs2.50 per share, which is in addition to interim dividends amounting to Rs5 per share.

Bank Alfalah income jumps

Bank Alfalah posted a profit of Rs4.88bn for January-June, up 12.1pc from a year ago.

Earnings per share were reported at Rs3.04 against Rs2.72 last year.

The bank’s net interest income after provisions improved 5pc to Rs14.95bn despite the low interest rate regime and maturity of high-yielding government bonds.

The bank’s non-markup income also improved 9.6pc, with fee, commission and brokerage in­­come as well as foreign exchange income growing 18.4pc and 21.2pc, respectively.

ABL earnings dip

Allied Bank announced a profit of Rs6.47bn for the first six months of 2017, down 24.7pc from a year ago. Earnings per share of the bank were Rs5.65 against Rs7.51 last year.

The company also announced a second interim cash dividend of Rs1.75 per share, taking the total payout so far to Rs3.50 per share.

Earnings were higher than market expectations because of the continuation of reversals under the provisioning expenses.

Published in Dawn, August 18th, 2017